19201123_minutes.pdf
TRANSCRIPT
A meeting of the Federal Reserve Bo.ord was held
in the office of the Bom-d. on Tuesday, :7ovember 23d. at
11:10 a.m.
PRESENT: The ChairnenThe GovernorMr. PlattMr. HanlinMr. WillsMr. Hoxton, Secretary.
P6E11T ALSO:Mr. Troubridge.
Reading of the minutes of Kovember 22d. was omitted.
Pursuant to previous agreement, the Governor stated
that the Board v.ould consider the building plans proposed
for the Federal Reserve Bank of Cleveland, and Governor
Fancher, Deputy Governor Fleming and the architects of the
Cleveland Bank were invited to join the meeting. After full
discussion and the exhibition of various plans and drawings,
the Federal Reserve Bank of Cleveland was, upon motion, au-
thorized, to proceed with the construction of a building in
general conformity with the drawings exhibited, to contain
6,000,000 cubic feet of space. Hr. Wills desired to be re-
garded as not voting.
(At this point Hr. Miller and Mr. Login entered the
meeting, and Llessrs. -Anchor, Fleming and their architects
Withdrew.)
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The Governor stated that, pursuant to the action
Of the Board yesterday, the next subject in order would be
the matter of the Board's administration of the Clayton
Act.
After discussion, it was upon motiondetermined to post.)one further considerationof this matter, until replies shall be re-ceived to the letters upon this subject sentout yesterday to all Federal 7teserve Agents.
(At this point the Chairman withdrew from the
meeting).
The Governor reported the reserve positions of
the several Federal 'reserve Banks as at close of business
:Tovember 20th, and the status of rediscounts between the
Federal :Reserve Banks as of the mme date.
The Governor reported rediscount transactions,
member bank promissory notes secured by Government obliga
tions; rate 7, and 7,6 on Commercial paler. as follows:
Date Bank redis-count
'nth Amount -aturities
20 Atlanta Cleveland. :'2,200,000. l0-90 dys.rov. 20 :linneapol is Cleveland 1,500,000. 11-15 "rov. . 22 Kansas city Cleveland 8,000,044.50 11-15 "
rov. 22 Minneapolis Cleveland 3,000,000. ( 1-)0"(11-15"
.1,7emorandum dated 1,:ovenber 17th, from the Division
Of Examination, sucrest ins a change in the conditions for
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membership imposed upon the Dime Deposit Bank of Kulpmont,
Pennsylvania.
Approved.
Letter dated November 20th, from the Federal Reserve
Bank of TIinneapolis, requesting the Board's approval of an
expenditure amounting to 1,'7500. for additional vault con-
struction, nude necessary by that Bank's interrled assumption
on December 1st of Sub-Treasury Functions.
Referred to the Governor with power.
'IMORTS OF C01IITTI2 NO. 1:
Dated Nov. 18th, Recomend.ing admission of State insti-
tutions, as set forth in the auxiliary
minute book as of this date, subject
to the conditions stated in the indivi-
dual reports attached to each applica-
tion.Approved.
Dated Nov. 18th, Recommending approval of applications
for fiduciary powers, as set forth in
the auxiliary minute book as of this
date.Approved.
Dated Nov. 22d, Recommending approval of application
for fiduciary powers, as set forth in
the auxiliary minute book as of this
date.Approved.
Dated Nov. 18th, Recommending approval of application
of Lir. A. W. Hurley to serve at the
SaM3 time as Officer and Director of
the First National Bank of Tulsa, Okla.
and as Officer and Director of the
Citizens National Bank, of Pawhuska,
Oklahoma.Approved.
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Dated Nov.20th, Recommending approval of application
of lat. C. Harry Rogers, to serve at
the sane time as Director of the Glou-
cester Safe Deposit & Trust Co., of
Gloucester, Mass., and as Director of
the Rockport National Bank, of Rockport,
Mass.Approved.
Other business was presented and disposed of as
follows:
In regard to the proposed building of a bank annex
by the Federal Reserve Bank of Richmond Which was referred
at the last meeting to Messrs. Platt and Wills, Mr. Wills
reported that, after a conference with the Consulting Ar—
chitect, he and Fr. Platt were of the opinion that the Fed-
eral Reserve Bank of Richmond, for physical reasons, can•
only utilize the rear lot referred to in the recent letter
from the Chairman of that Bank, but that the Bank should al-
so obtain an option on the property known as the Academy
of Music lot.
The Governor was requested to authorize
the acquisition by the Federal Reserve Bank
of Richmond of the additional space as indi-
cated, with the understanding that the Bank
also secure an option upon the Academy of Mu-
sic property.
The Governor submitted a proposed amendment to Sect-
ion 11, Sul-Section (c) of the Federal Reserve Act.
Referred to Mr. Hamlin.
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The Governor submitted a proposed ameadme t to Sect-
ion 1 Sub-Section (m) of the Federal Reserve Act.
Referred to Yr. Logan for incorporationof a prevision covering State Member Banks.
Letter dated November 20th, from the Governor of
the Federal Reserve Bank of Dallas, enclosing a circular
proposed to be sent out shortly by tbat Bank, covering the
matter of credit control.
Noted.
At 1:25 p.m. the re 'lug adjourned.
1
Secretary.
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